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Case Law Details

Case Name : Addl. CIT Vs G.S. Pharmbutor P. Ltd. (ITAT Delhi)
Related Assessment Year : 2015-16
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Addl. CIT Vs G.S. Pharmbutor P. Ltd. (ITAT Delhi)

It is undisputed fact that the assessee has not given any loan or advances during the year. As can be seen from the copy of account of M/s. Moderate Leasing & Capital Services Limited, assessee has been paying advances and loan to the said company from time to time and was also being repaid by the said company. All throughout, there were debit balances right from the assessment year 2006-07. In the FY 2011-12, the assessee has converted its debit balance of Rs.29.13 crore

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